One Beacon, Century Settle Reinsurance Dispute Over B.F. Goodrich Settlement

BOSTON — OneBeacon America Insurance Co. (NYSE: OB) and Century Indemnity Co. have settled a suit in which OneBeacon sought $137,006 in reinsurance for an underlying environmental claim asserted against B.F. Goodrich & Co.

On Jan. 9, the parties filed a stipulation of dismissal with prejudice in the U.S. District Court for the District of Massachusetts.

In 1969, OneBeacon’s predecessor, Employers Liability Assurance Corp., issued an excess liability policy to Goodrich, effective Jan. 1, 1969, to Jan. 1, 1972. Century’s predecessor, the Insurance Company of North America, reinsured a part of that policy under a facultative reinsurance contract, effective Jan. …